Okanagan Real Estate

The Okanagan new home market continues to grow. From condo developments that attract first time buyers, investors, and couples looking to 'lifesize', to single family residential neighborhoods that are home to families, retirees, and professional couples, even in one of Canada's most expensive, and growing markets, the demand for new development is high.

The Okanagan's unique lifestyle: climate, setting, activities, recreation, landscape etc. will continue to drive investors as well as those relocating to the area. Home buyers want the same reasons they love the area incorporated into their communities, which is why condominium developments and lifestyle resorts remain a hot market in the area.

• Remax predicts a 9% increase in the Kelowna & area real estate market for 2008, Slow and steady growth will dominate in this area of Canada
• According to a report published by The Credit Union Central of British Columbia, "The high cost of single family homes [... in B.C] is restricting the volume of sales in that market, but it is also creating a shift toward more condominium units".
• According to the same report, by 2009, sales of multi-family units could exceed sales of single family homes
• Housing starts remained high over the 2007 winter, fueled by condominium and resort-styled developments. According to CMHC, October housing starts totaled 415 units, up from 318 units in October 2006.
• According to the same report, construction began on 12 condo projects, totaling 603 units for September and October.
• With few new or detached homes for under $400,000 in the Okanagan, more first-time buyers are turning to multi-family housing developments
• With very little rent vacancies, investors are also looking at multi-family developments to provide rentals to the renting population

All this is good news for Okanagan developers and condominium owners. Indeed, any real estate owner in the Okanagan Valley has to be impressed with the rise of their real estate investment in past years and the continued, and projected future steady growth.